26 June 2016

All you need to know about the "BREXIT"

No? Not to worry.The following article will help you get the basic understanding,even if you are a dummy.

WHY IS BRITAIN EVEN HAVING A EU REFERENDUM?

Back in the last general elections that was apparently projecting a Conservative defeat,the then Prime Minister David Cameron assured his countrymen that he would hold a referendum whether his country will stay within the EU or not,in case he became the Prime Minister for a second term.

Why did he do so? Apparently,the British counterpart of Donald Trump, minus a billion dollar empire and the lunacy, Nigel Farage (leader of the United Kingdom Independence Party,dubbed as UKIP) was leading a campaign of xenophobia and hate politics. In order to tackle Farage and his co.,Cameron promised holding a EU referendum. More than three years after Cameron unveiled his strategy to reform Europe and put it to a referendum, Britain has voted to leave and the Prime Minister has resigned.

WHAT DO WE MEAN BY THE TERMS 'BREXIT' AND 'LEXIT'?

Decoding the terms used during the referendum doesn't utilize more than a couple of brain cells.

'BREXIT' stands for Britain's EXIT from the European Union and talks about a broader mass. It puts forward the argument of closing the borders, not allowing the illegal migration of thousands. It also opposes the terms and conditions put forward by the EU. Britain sends the EU 350 million pounds a week. They believe that money can be utilized for reforming the services in their own country.

'BREMAIN' stands for Britain's REMAIN in the European Union. It puts forward the argument that for every one pound sent to the EU,Britain gets back 10 in the form of investments and jobs.They believe that a better,reformed Europe is possible and the change needs to be brought from within.

'LEXIT' stands for the Left Wing's idea of an EXIT from the European Union. It puts forward the argument that the policies of the EU are extremely right wing and neo-liberal. Almost zero job security and myopic workers' rights are the main reasons cited by this camp. Basically,the camp wants to build a socialist nation from within, outside the jurisdiction of a right wing force.

Now that we have a basic idea of the referendum, let us see who led the three campaigns.

BREXIT: Although many Conservative and right wing politicans have led a case for Britain's Exit from the European Union, the main credits go to MP Boris Johnson of the Conservative Party and Nigel Farage, leader of the United Kingdom Independence Party.

BREMAIN: This campaign was led by various fronts, but not as an united front. The Prime Minister David Cameron and Chancellor George Osborne, of the Conservative party were leading the campaign on one hand. On the other hand,Jeremy Corbyn (Leader of the Labour Party), John McDonell (Shadow Chancellor), Gordon Brown (ex Labour Prime Minister) and the infamous Tony Blair (responsible for starting the Iraq War) were leading it on the other hand. Interesting to note is, Jeremy Corbyn never shared a stage with any Conservative politican or his Blairite colleagues, thus reaffirming his character.

Jeremy Corbynn

LEXIT: Many socialists and communists, along with hard left Labour MPs, were leading the Lexit campaign. This campaign was mostly managed by MP Alex Gordon and MP George Galloway. It also had the backbone support of MP Dennis Skinner (The classiest 85 year old man to live on Planet Earth).

BRITAIN HAS CHOSEN 'BREXIT'/'LEXIT',WHATEVER YOU WOULD LIKE TO CALL IT.BUT WHAT IS GOING TO HAPPEN NOW?

It is the greatest disaster to befall the block in its 59-year history. The road ahead is unclear. No state has left the European Union before, and the rules for exit – contained in Article 50 of the Treaty of Lisbon – are brief. Mr Cameron resigned as Prime Minister shortly after 8am, announcing that he thinks Britain should have a new Prime Minister in his place by the start of the Conservative conference in October. He will leave the task of triggering Article 50 to his successor. The EU's leadership has demanded Britain activate Article 50 exit talks "as soon as possible" as they attempt to end the uncertainty over the bloc, "however painful that process may be".

President Tusk, President Schulz and Prime Minister Rutte met this morning in Brussels upon the invitation of European Commission President Juncker.

"Any delay would unnecessarily prolong uncertainty. We have rules to deal with this in an orderly way. Article 50 of the Treaty on European Union sets out the procedure to be followed if a Member State decides to leave the European Union," the official statement said."We stand ready to launch negotiations swiftly with the United Kingdom regarding the terms and conditions of its withdrawal from the European Union."

Mario Draghi, the president of the European Central Bank, has said it is ready to intervene to steady the markets. Central bankers from Japan to Switzerland have also offered to step in to provide additional liquidity - a measure not seen since the financial crisis.

On Saturday, the foreign ministers of the founding six member states – France, Germany, the Netherlands, Luxembourg, Italy and Belgium – will meet to discuss the implications of the British vote.

David Cameron will next see his counterparts at a European Council summit on Tuesday and Wednesday next week.

The deal, struck after months of negotiation last summer, has evaporated under a ‘self-destruct’ clause.

He will be under intense pressure to activate Article 50 and commence exit negotiations. Leaders do not want to be drawn into months and years of haggling over Britain’s status: “Out is out,” Jean-Claude Juncker said on Wednesday.

Article 50 – and a new deal

Triggering Article 50, formally notifying the intention to withdraw, starts a two-year clock running. After that, the Treaties that govern membership no longer apply to Britain. The terms of exit will be negotiated between Britain’s 27 counterparts, and each will have a veto over the conditions.

It will also be subject to ratification in national parliaments, meaning, for example, that Belgian MPs could stymie the entire process.

Two vast negotiating teams will be created, far larger than those seen in the British renegotiation. The EU side is likely to be headed by one of the current Commissioners.

Untying Britain from the old membership is the easy bit. Harder would be agreeing to a new trading relationship, establishing what tariffs and other barriers to entry are permitted, and agreeing on obligations such as free movement. Such a process, EU leaders claim, could take another five years.

British Prime Minister David Cameron resigned afterBrexit results.

HOW LONG WOULD IT TAKE TO LEAVE THE EU?

It would take a minimum of two years for the UK to leave the EU. During that time Britain would continue to abide by EU treaties and laws - however it would not take part in any decision making.

WHAT WILL HAPPEN DURING THAT TIME?

The UK would have to thrash out the terms of its departure. Issues would include what financial regulations would still apply to the City of London, trade tariffs and movement rights of EU citizens and UK nationals. The agreement would have to be ratified both by the European council and the parliament in Strasbourg.

HOW WOULD BREXIT IMPACT THE EU?

Some people in the EU community believe that Britain quitting its membership could encourage other nations to follow suit with referendums of their own - or demand tailor-made deals of their own.

WHAT HAS HAPPENED ALREADY?

Britain has already lost 172 billion pounds over a single night,the pound has reached a new low since 1984,magnanimous job cuts are expected and trade investments are likely to fall sharply.

The real effects of Brexit will be visible after a couple of years.Whether it will be for a better Britain or a worse one,will be the question of the hour .For all we know,2016 is going to be a marked date in our sons' and daughters' history books.